Abstract

This IDC Perspective profiles four emergent big data and analytics initiatives that are empowering Asia/Pacific financial services institutions (FSIs) to operate with the rich insights behind the large volume of data they own. These projects, which utilize institutionwide resources with a meticulous approach and a detailed plan for the rollout, have achieved measurable benefits to the organizations.

"Big data and analytics is a necessary and essential initiative to future proof financial services institutions. The initiatives we see in the region are showing benefits for FSIs in both internal operations and customer journeys. FSIs need to ensure that they have an enterprisewide strategy in place, with a strong fundamental data infrastructure, by breaking down data silos," says Abhishek Kumar, associate research director, IDC Financial Insights Asia/Pacific.

"To maximize the benefits from big data and analytics initiatives, banks and insurers should consider integrating big data and analytics capabilities with investments in artificial intelligence/machine learning, robotic process automation, cloud, and others to address the pain points across the organizations and drive innovations," adds Xiao Liu, research manager, IDC Financial Insights Asia/Pacific.

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